Xiaomi now offers loan upto 1 Lakh for it’s customers. How to apply?

Today Xiaomi launched it’s value added service in India which offers loan upto 1L to it’s customers. The Chinese company calls this service as Xiaomi credit. It offers short term loan upto 90 days for a maximum of 3% interest with minimal documents. The company has partnered with Kredit Bee which is an instant personal loan platform for this service.

Xiaomi Credit:

Xiaomi now offers instant personal loan upto 1 Lakh rupees. The company claims that MI credit is the platform to its users to provide financial lending. Though Xioamin doesn’t offer the loan itself, it just provides a platform which connect the lenders and borrowers.

Xiaomi credit has the list of the financial providers. The users all has to do is, login to the platform and just apply with your details to complete your KYC details.

Xiaomi credit is now available only for it’s users who uses MIUI. Mi A2 users are not eligble for this service though.

The Managing director of Xiaomi India, Manu Jain said, “The connectivity between our devices and seamless integration between hardware and internet services enable us to provide our users a better user experience. Mi Credit is another big step in bringing an important service to India and we trust that our users would be able to truly benefit.”

Interest Rate Comparision:

Please note that the average interest in bank is 1.5% per month and this is twice of the bank interest rate. However this is instant and short term loan which will benefit the users who are ready to repay in within 3 months.

Unlike Bank, Mi credit doesn’t charge processing fee or other charges which is an added advantage. Though MI may add this later.

Mi Credit Vs. MoneyTap Vs. Early salary:

There are several instant loan apps like Money tap and Early salary in the market. Lets compare the interest rate and charges.